There are a lot of people who are renting. No matter the reason, have you ever stopped to think how expensive it actually is? According to The National Low Income Housing Coalition, in Idaho you have to make $14.65/ hour to afford a TWO BEDROOM rental home, while paying no more than 30% of your income.
As I am sure you have heard, inventory is low. This isn’t only for homes being sold but rented as well. The report states “The supply of rental housing has not kept pace with demand over the past decade. The shortage is greatest for those with the lowest income… The U.S. has 7.5 million affordable rental homes for the 11.4 million extremely low-income renter households.” Often, it’s cheaper to own than rent. The report also showed that in 46 out of the 50 states, the minimum wage would need to be more than doubled.
Some additional information that is a little scary... On average, you would need to work 117 hours/ week, making minimum wage, to afford a two-bedroom rental. In Idaho, you would need to consistently work 62-hour work weeks, in order to afford that rental. This calculates to slightly less than a 17-hour day, 7 days a week or 23.4 hours for a 5 day work week.
If you are renting, you may want to consider looking into buying a home and investing into your own future. If you would like to start the process, contact us to get ball rolling and find out if you can get into a home.